Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Yahoo says Bill was born in 1941 which makes him 82 this year.
I just went on the ONS mortality tables and the average remaining life expectancy for a British male who's made it to 82 is 7.26 years. Bill is Australian, but it can't be all that different.
He's sat on 5.7 million shares radically underwater after all these years and statistically time is not on his side.
As morbid as it is, we've all got an expiry date.
Personally I'd have thought Glenn would be the obvious interim CEO if they need one, but a proper and suitable replacement who knows what they're doing before the AGM would be a real win for everybody.
I heard from a second hand source, that this forum has been Bills night time reading hence creating this account as the company are as ever unreachable. Maybe he has an account on here? *SPEAK TO YOUR SHAREHOLDERS*
I’ll give it to old Bill, for a crucial part of the decades/centuries Landore has been in operation, the metals market has been garbage. There must have been 100’s of companies completely go bust, they did well to survive this. BAM Gold is a good discovery and the cost/ounces discovered ratio is very good and the last major drill campaign back in 2020/21 was very successful. But since then it has been a **** show.
One thing investing in a junior miner and the company finding nothing special. I have had this before. The board gets the blame, but there are always high odds of this happening. Another thing entirely, finding something special only to screw it up!
Strategic review was a massive **** up. No interest or nobody willing to pay Bill’s price? What happened, where is the communication to shareholders? The truth is BAM is likely nowhere near interest of real big players (Barrick etc), its way to small for them, was Bill telling porkies about the conversations he had with the ‘big boys’? More likely to be of interest to mid-tiers who are far more susceptible to economic conditions. SO why extend the dam thing for another 3 moths? INSANE. OO and wait, lets drill at random locations across the property targeting , whilst ignoring our primary asset that will eventually get us sold. What a waste of money, time and investor confidence.
Since then RADIO SILENCE. The exploration season is well underway, what is happening!? We have had:
“A detailed drilling programme for the BAM Project is being prepared, with drilling expected to commence in Q2 2023 “ 12/1/2023
Where is this drilling plan, where is the drilling, what is going on! COMMUNICATE!
Maybe this is explained by Bill going (Was he forced out (see below messages) or simply had enough for an 80 year old?), but he is still being paid and should be communicating with shareholders and the company should still be moving forward.
*If* they can get someone decent in to replace him (Not Michelle Tuomi *JESUS*, have nothing against her, but she is a geologist, but as far as I am aware no experience in business/corporate activities) this should be an excellent opportunity for new investors.
£13.65 million market cap.
£1.5 million cash
Own 10% of Lithoquest (worth 700k or so atm)
Lithium JV with Green Technology (drilling in Q3 at Green tec expense)
1.5 million ounce gold deposit in Ontario – medium grade but every indication of a highly economical deposit
Some battery metal deposits
Only thing holding it back has been shocking management – which is about to change one way or another.
PFS won't happen.
Any credible interested party will do their own anyway. Landore best to retain the cost to develop BAM
All this talk of "developing the strategic metals" reminds me of last year when they started talking about working on the lithium. Don't expect they'll be doing it in house. Fishing for a GT1 equivalent for that I think.
Also interesting;
"due to the prevailing challenging market conditions the Group did not believe it to be possible to maximise the value of the Group's assets through a corporate transaction. Accordingly, the Group determined that it would be in shareholders' best interests for management to continue to focus on developing the value within existing assets in the near term."
Doesn't say that they didn't get an offer of some sort. The way I'm reading it, it says Landore pulled out. Implies inadequate money on the table rather than a lack of any money at all. At 2moz & PFS perhaps there will be an easy match? Who knows.
Anyway, change is coming.
Agreed AM that the dinosaurs are finally going. This company has quite a suite of assets and desperately needs someone at the helm that knows how to operate in this market - which is very different to 17 years ago!
It’s been made clear 2moz is the resource amount that will attract proper interest for sale (or JV?). No idea why it took 2 strategic reviews to determine that! However, economic uncertainty driving gold past $2000, commodity super cycle coming for battery metals and major consolidation in the mining industry should drive M&A (just look at Newmont bidding for Newcrest) SHOULD provide an opportunity for LND to finally capitalise on their assets.
It just needs someone with foresight and quick acting to strike while the iron is hot. Bill is not that man and never was!
Just remember £14m Mcap for a 1.5moz gold reserve values GOLD ONLY in the ground at $9/oz when gold is $2000.
Good news that Bill is finally going. The last 12 months have been a shambles, failed strategic review and some wasted drilling on the 'battery metals' - those holes should have been concentrated on the main asset BAM. New dynamic CEO badly needed.
Decentish cash position as well.
All numbers at BAM look decent. Yes you can have decent numbers and not sell. Still very much believe that it will be a mine one day.
I’m starting to worry now this will just go bust… what a disgrace
You'd think if JL & BAM were the sure fire winners after 17 years with existing resource + enormous potential that we'd be a target for a hostile takeover?
Before anyone shouts me down you'd also think the working capital must be getting drained away with not a lot to show for it over past 6-7 months.
Assume Bill is retiring from Lamaune Iron Inc then? Might as well chuck my holding there in the waste bin! What a disappointing ****-up.
One thing I would add is that I think the company needs to put out a clear timeline of what is going to happen in the next 12 months and how they need to proceed towards to their targets. This would provide reassurance to shareholders of the progression and make the board accountable.
Understand the need for action but surely trying to sell this after the next round of drills to get up to 2MOz would put LND in a better position?
The communication 100% needs to improve and the share price is diabolical right now but what's the point of trying to force a sale when the amounts we have aren't what the larger parties require for a purchase?
Landore shareholders who aren't in the Telegram group and would like to support should join the Telegram group or otherwise make themselves known on here.
//t(.)me/LandoreResources
(remove the brackets)
#LetsGetThisSold
Landore Action Group
The Telegraph group is full of talk on direct action now. Bill seems to be the target. His unwillingness to communicate with holders and/or to address their legitimate concerns is the essence of their issue with him.
I'm not sure if it will do any good, however it is clear that Bill has no interest in communicating with shareholders so somehow there is an inevitability that his apparent contempt for small investors is now being reflected back at him.
The Board and Bill in particular need to extract their heads from their own rear ends and address this issue pronto.
I agree Catbert. The odds of some surprise or another are not zero. Hence my bed and isa trades this morning. Just in case something unexpected happens.
Both the 119k 'sells' and 44k 'sells' showing here were mine (one sell, one buy). LSE showing all as sells. Just about as good as the Landore website is this thing! It is 2023, right? I suspect those reading price action are more sophisticated and aren't also panic selling when they see 'selling' that isn't selling, but god knows.
Also in full agreement about marketing etc. They really should have recruited somebody youthful with some spunk in them to do that, ideally several years ago. There's an old interview somewhere with Rick Rule where he says $10m companies can become $70m dollar companies with marketing alone. IMO it is complete idiocy to have made such little effort on this front. If Bill had done this over the years the dilution would have been lower and he wouldn't need such a good offer for a buyout.
Thanks Nicetomichu.
I agree re Bill. The new CEO idea is a little bit like the idea of appointing a new manager to a team playing in the relegation places. Mentally it can clear the decks however it does little to change the fundamentals. We are not flushed with cash either so I'd guess no change besides the appointment of a PM for the DFS. Is a new CEO going to get us sold sooner? I just don't see it.
I'd love to see a proper Marcomms person appointed to overhaul the website and take charge of how the comms are managed and to professionalize and dial up the quality and frequency of investor communications. A more PI friendly approach to comms and presentation will have a positive impact on sentiment and share price.
This type of appointment would do more for sentiment than a new CEO IMHO and cost less.
One further thought and it may just be me and this isn't an attempt to ramp but rather a genuine if possibly misplaced or utterly incorrect idea. Right now we stand a better chance of a buy out or JV than at any time in the last year. Yes I said it. Based on my investment performance you really shouldn't take my advice. So DYOR.
We spun the wheel of fortune in the SR and lost but now that the fundamentals have changed re gold price, inflation, gold miner share prices, investor sentiment so much so that the world is a different place to what it was 6 months ago.
Indeed mid tier producers are now enjoying healthy returns and recovering share prices.
A good many of these mid tiers are operating in jurisdictions where political risk is ever present and whilst the sun may be shining on their businesses now they know that they are only ever an election or a coup away from disaster .
What better time to pick up an asset in a safe jurisdiction and de-risk their resource base?
Fear is so often a more compelling motive than profit. Fear makes you do things. The considerations are different. Those motivated by profit can do nothing whereas those motivated by fear must do something.
The entire market knows were up for sale.
Furthermore what better way for Bill to perform an act of redemption that many here believe is beyond him.
If Bill gets his "Stick that in your pipe and smoke it" moment because we sign a JV or sale agreement then we'll all be happy, even his most ardent detractors.
Many holders here are waiting for depth drill results from BAM which are a long way off prior to a DFS and then another SR type process. Whilst this might be how things play out a sale or JV in the short or mid term seems to have been utterly discounted by many holders here yet for me it seems more likely than not.
Thirty something p starts with a 3 and twenty nine p is high 2's .. all fine by me for selling half my holding here.... I'd keep the other half as a hard core semi blind hopeful punt..
I'll see a new CEO announced before I believe it.. more likely than Bill will be CEO at end of this year for eg, I still feel.. certainly he'll stay at the steering wheel here this year, imho.. be that continuing as CEO.. or stepping back up to Chairman only.
PS: Excellent post Cathbert imho.. and decent to good posting by others imho.. much appreciated !
In full agreement with the sentiment/analysis here yesterday. Some very wise posting IMO. The baby has well and truly gone out with the bathwater on this one over the last few months. This market is wild. Panic selling drives panic selling and it's gotten properly out of hand here.
Bill needs to pass the baton with some dignity, accept that it's now a relay race and that he's well into his 80's. It's no time to be trying to make a sprint finish. Sit on the beach. Enjoy the fruits of his labour. Watch somebody else finish the job here.
I'm sure if an offer was tabled circa £1.50 it would be voted through by shareholders regardless of what Bill's view/objection was. Sprott + longstanding ord s/holders would surely see to that?
That's been a big part of the problem here over many years - it's been run as a private company rather than a more traditional plc.
Who knows what Bill was expecting/demanding from any approaches via the SR? £1, £2, £3 ??
Certainly not ord shareholders. That said, I realise he does at times need to keep his hand/cards close to his chest.
Still would be gobsmacked if Bill took a back seat even if a new CEO came on board. And whether Glenn would hang around.
I always thought they were joined at the hip. But you'd probably know more about that me sportbilly
Totally agree billy. Bill believes there is gold everywhere and imho wasn’t going to accept a number unless it started with a 3 or maybe a high 2. He would rather the asset just sat in the ground than in his head sell for a fraction of what he thought it was worth
That’s why marginalizing bill and getting a new ceo is so important if we want to monetize in any sensible ( to us) timeline
One potential reason for the lack of notified interest could easily have been BH's view that there is 3-5Moz at JL and so in his mind, and as recompense for the years being invested here he set his sights on a £2-£3 offer and nothing less...so even initial conversations would have been moulded along those lines in the minds of potential acquirers
Hence they didn't take things further
The new CEO will not have that baggage (and also, lets be frank - the adverse City opinion given BH's approach of Landore as a private company vis-a-vis comms)
A 2Moz gold resource, with strong potential fro this to increase, an adjacent nickel resource too ...the new CEO could easily be open to talks around the £1-£1.50 range...a level which at the very least brings buyers to the table
New broker and their research note hopefully also brings along some exposure and awareness on Landore...the value of the resource is there...it just needs buyers to see it.
The SR and it's extended timeline yielded no Gold buyer. It did however eventually after much delay lead to a sale of the Lithium which for the time being at least meant that we did not have to raise cash.
There are four obvious reasons at the time for this hesitancy by the Gold Miners.
1. Inflation- Until the inflation Genie was put back into it's bottle any rational actor must assume a continuation of the current trend (last year inflation was running at 10%) This is hugely damaging to the cost platform of any mining project particularly if inflation persists at these level. Until the numbers start changing a buyer must reasonably assume persistent high multi year inflation.
2. Investor sentiment was highly risk off.
3. Gold Prices were falling and unstable.
4. The share prices of Gold Miners was in free fall.
Gold miners are risk averse and prefer not to use cash for asset purchases (they'd rather use their cash to finance at a project level). Their preferred means of paying for purchases is in their own shares.
Last year the share prices of the majors and the rest were low and falling.
The notion that Landore is unsaleable in its current format is not necessarily the correct assumption to draw from failure of the SR although this may have been the excuse which those miners who had been leading Bill on ("off the record" about their interest in Junior Lake) may have used to justify being unable to keep their word.
Buying Junior lake last year would have been one hell of a risky call for these actors. With their own share prices suffering last year any CEO of a gold miner who had taken the plunge on Junior Lake would have been hammered by their own share holders and the market. A purchase of this type would have been viewed as somewhere between brave and suicidal at the time and rightly so.
The sentiment here now seem to reflect the idea that no gold miner is going to ever take us out because none did so last year during the SR.
I personally don't think this is necessarily the logical conclusion.
Nonetheless for those who do hold this view (No sale in SR means nobody wants Junior Lake)it does create a drag on sentiment here which seems over done in the price. The price itself might add further to this sentiment and so it becomes a self perpetuating doom loop at least until a more positive view returns.
Indeed most holders here will be under water. A position that seldom engenders a huge degree of positive sentiment in itself.
What has changed since the SR is that US inflation is falling https://tradingeconomics.com/united-states/inflation-cpi
The share prices of Majors and Mid Caps is recovering.
The Gold price is stable and rising.
Some risk off sentiment persists however resource stocks do have a loyal following and seem to many to offer a value play as investors pivot away from growth stocks.
All of the factors which discouraged potential buyers during the SR have now begun to m
I would love to get Sprotts view on this debacle
Come on Bankrupty.
This isn't a punt that's contingent on $5,000 gold. NPV has doubled by $2340. The sensitivity of projects like this one to moderate increases in the gold price is exactly why Sprott is in here.
What percentage of NPV would 25p be at $5k gold?
I doubt it too! New Exec directors will only eat into the NAV.......There is nothing for them to do...... I just can't see the value here at this point in time.....there was only potential with the "total" asset sale....but no buyers buying! If it wasn't saleable at circa 1.5m oz. for £x...there will be nobody buying at £x + 25% for 2m oz. so why throw money to get there!
I guess all you can hope for is gold at $5k...and then maybe we sell at 25p? soz.
I'm still not convinced IF there's to be a new CEO with BH nolonger running the show that Glenn Featherby would hang about. He seemed to only come on board as an accountant to take care of the finances when Bill was desperate given Prickett's sudden retirement. Prickett was then LND's CEO but was truly only a glorified accountant and it was obvious BH was running the show. Prickett once claiming in a press article that he couldn't defferentiate one rock from another.
Are LND really going to recruit 2 new executive directors? Somehow I doubt it.
New CEO?
New Broker? (can't wait to read the note!)
Unexpected nickel deal?
Good news at GT1 or Storm Ex?
Catching up with the sector's bull market?
Unexpected gold offer? (even if cheeky and low ball)